An affiliate of Los Angeles-based real estate investment and hospitality management company Highgate has entered into an agreement to purchase Viceroy Hotels & Resorts. No price for the deal, which is is expected to close in early 2023, was announced.
The Viceroy brand debuted in 2000 with the launch of Viceroy Santa Monica (Calif.). It now includes 10 properties with two more slated to open by the end of 2024.
“We are excited for Viceroy’s future and we believe that this acquisition will not only fuel the future expansion of our brand, but also give us a true partner, one who will offer incredible support, opportunity and collaboration,” Bill Walshe, CEO of Viceroy, said in a statement. “This deal will accelerate our momentum, and solidify our position as the leading modern luxury lifestyle brand in our space.”
“We are thrilled to execute this transaction with Viceroy. Viceroy has built an outstanding customer reputation due in part to its strong service culture and incredible team,” said Richard Russo, principal at Highgate. “Through complementing Viceroy’s platform and DNA with Highgate’s diversified ability to grow through real estate acquisitions, development, and third-party growth channels, Highgate intends to add brand-accretive hotels to the Viceroy portfolio that will further enhance customer perception and brand awareness. Further, through powering Viceroy with a proprietary relationship with Highgate's operating company, and imparting the benefits of Highgate’s scale, we will be able to provide significant incremental value to associates, guests, owners and partners.”
“We look forward to working with the Viceroy team to add visible and impactful hotels to the platform, and cement Viceroy as one of the most noteworthy luxury lifestyle hotel brands in the industry,” Russo continued. “In the coming months, we will be announcing exciting additions to the portfolio in major urban gateway markets and select resort destinations that will invoke the distinct quality and luxury service that Viceroy has long been known for.”